Circle Square Digital Health Trends – December 2022 Year in Review

3 January 2023 – Contribution by Sanjay Parekh – Featured in Circle Square Digital Health Trends – December 2022 Year in Review

Medical imaging AI market is at the tipping point to mainstream adoption and is set to reach $1.4b by 2026

The medical imaging AI world market has surged past pre-pandemic levels and was estimated to be more than $400m in 2021, up $60m YOY. This market remains in development, and despite several significant barriers that need greater attention, the market is forecast to reach almost $1.4 billion by 2026, with a growth rate (CAGR) of 26.7% (2020, 2026).

Radiology AI adoption is the cusp of ‘crossing the chasm’ towards widespread use.

Vendors are also evolving their offerings from single-point algorithms to AI solutions in several ways.

• Comprehensive solutions (e.g., chest x-ray solutions from Annalise.ai, Qure.ai, Oxipit),
• End-to-end solutions for time-critical use cases (e.g., stroke imaging AI solutions from Viz.ai, RapidAI, Aidoc), or
• Workflow suites (e.g., Arterys’ body area suites or Agfa HealthCare’s RUBEE workflow packages

73% of solutions available in the market are stand-alone AI solutions, expected to grow to 88% by 2026.

Editorial: Despite its optimism, Signify Research (UK) sees the medical imaging AI market facing several barriers. One is a lack of reimbursement significantly beyond the US. However, the recent CPT codes announced by the CMS for quantitative imaging tools (for population solutions), which may become reimbursable in the US, indicate this will change. It may also lead to other regions investing in AI at scale. Additionally, there remains a lack of large-scale studies reporting on the health economics and return on investment for medical imaging AI solutions. And the EU Medical Device Regulation (MDR) may present certification headwinds in 2024.